Information return due dates and time extension
We discuss and show the due dates for all of the information returns for a calendar year. These due dates are not exact but close to the actual due date. If the due date falls on a Saturday, Sunday or legal holiday, then the due date moves to the next business day. January 31 By […]
How can I file for an extension of time for my information returns?
You can request more time to file any information return. Its easy to do and you will automatically receive an additional one month time extension. Its important to remember that you can attain an automatic 30-day extension for filing Copy A by paper or electronically with the IRS (or SSA if you are filing Form […]
How to correct a 1099 information return after it has been filed?
There exists a 1-step and a 2-step corrections which depends on the nature of the error. It is important to first differentiate between a correction and omission. If you submitted a file and it is processed by IRS/ECC-MTB, and you later discover that certain information returns were omitted or left out from the original file, […]
How do I attain a transmitter control code?
You want to file form 1097, 1098, 1099, 5498 and/or W-2G electronically to the IRS. Smart thinking. E-filing is easy to setup, the system double checks your file and lets you know that the file is being processed by the Internal Revenue Service. The IRS encourages businesses to file information returns electronically. Your first step […]
IRS FIRE File Types
There are four types of files that you submit to the IRS FIRE; a test, original, replacement and amended or corrected file. Test Testing season lasts from November 1 to February 15. You are not required to submit a test file, but testing is a great way to get some experience with the electronic filing process for information returns. Original An original file is […]
Corrections and replacement files via the IRS FIRE System
You submitted a file to the IRS FIRE System. The file contained data about a specific information return. The file came back as BAD. In this case, you need to submit a replacement file. If you submit the replacement file and that file as well is BAD, then you want to submit another replacement file […]
About IRS forms 5498, 5498-ESA and 5498-SA
IRS Forms 5498, 5498-ESA, and 5498-SA are informational forms related to different types of tax-advantaged accounts. Each form serves a specific purpose and reports contributions, rollovers, and other relevant information to the IRS. Here’s a breakdown of each form: 1. IRS Form 5498: IRA Contribution Information Purpose: Form 5498 is used to report contributions made […]
Form W-2: Box 12 code
Box 12 of Form W-2 shows a code followed by a value. The code indicates the type of payment. This is a listing of the codes for that box. A: Uncollected social security or RRTA tax on tips. Include this tax on Form 1040. B: Uncollected Medicare tax on tips. Include this tax on Form […]
How to complete IRS Form 1099-PATR
A cooperative (or “co-op”) is an organization that is owned and run jointly by its members. And since a cooperative business belongs to the people who organized to provide the goods and services, they share the profits or benefits. Distributions to the members of the co-operative are known as patronage dividends. IRS Form 1099-PATR (Taxable Distributions Received […]
How to complete IRS Form 1096
IRS Form 1096 is a one-page summary sheet that shows the totals and information from various forms. If you are paper filing any 1097, 1098, 1099, 5498 and/or W-2G form, then you must put together Form 1096 and submit that with your paper forms. File a separate Form 1096 with each different type of form. For example, if […]
